Oracle Upgraded (ORCL)

Caris & Company has upgraded Oracle (NASDAQ: ORCL) this morning to "Buy" from "Above Average" and set their price target at $29.

The firm says while there has been little change to the cyclical recovery in Oracle's business, there is little doubt the significant swing in currencies will dampen top line results.

The firm believes from an EPS standpoint management will have more ability to mitigate the impact over the coming quarters as it adjusts to this volatile landscape.

Caris has assumed a less severe impact to EPS than historical experience would warrant.

Shares of Oracle are down 27 cents, or 1.18%, to $22.57 in pre-market trading.